We are thrilled to announce a significant milestone in our journey: Confirm has successfully raised $6.2 million in Series A funding. This brings our total funding to $11.4 million, a validation of our mission to unleash everyone’s potential by rightly recognizing the difference they make at work. Today, we want to share our excitement and shed light on how this funding will accelerate our efforts to bring fairness, data-driven insights, and efficiency to performance evaluations.
In a recent article published by VentureBeat, the challenges surrounding traditional performance review processes were aptly highlighted. We agree that performance reviews are often met with skepticism and dread by managers, employees, leaders, and even HR. Our belief is that the process should foster growth, recognize impact, and be devoid of personal biases.
At Confirm, we are committed to fundamentally transforming the performance review landscape. Traditional methods of performance assessment can be subjective and prone to favoritism. Our approach leverages Organizational Network Analysis (ONA) and generative AI powered by OpenAI's GPT-4. This combination allows us to provide fairer, more scientific, and more efficient performance reviews.
By utilizing ONA, we delve into the intricate web of interactions within an organization. Performance is not just an individual metric, but also how the individual, and their work, impacts those around them. This holistic perspective enables us to uncover hidden talents, identify real influencers, and provide a comprehensive view of employee contributions.
Confirm's research, as covered by Fast Company, unveiled significant disparities in performance ratings between male and female employees. Traditional reviews from managers showed a 25% higher average rating for male employees compared to network ratings. Our data-driven approach seeks to address such biases and level the playing field.
We are also excited to introduce GPT-4-generated performance review drafts tailored to each employee. These drafts are developed with inputs from peers and managers, ensuring a well-rounded assessment in a fraction of the time. Additionally, our platform offers auto-generated employee survey summaries and calibrated ratings to minimize the influence of individual biases.
Since our inception in 2019, we've witnessed the positive impact of our platform. Companies like Canada Goose, Niantic, and Thoropass have embraced ONA and reaped its benefits. Thoropass, for example, weathered "The Great Resignation" by retaining 100% of its top performers, thanks to ONA-powered insights.
We are also honored to have received a "World Changing Ideas Award" from Fast Company and an HR Tech Award for Best Talent Intelligence Solution from Lighthouse Research & Advisory. Our selection for SHRMLabs' 2023 WorkplaceTech Accelerator program underscores our potential to drive positive change in the HR landscape. Today’s announcement also comes on the heels of receiving the Top HR Product award by HR Executive just yesterday.
As work evolves with remote and hybrid models, the need for unbiased, data-driven performance evaluations has never been greater. Confirm is not just about transforming reviews; it's about creating a future where employees are acknowledged for their contributions, not their political prowess.
David Murray, our Co-Founder and President, eloquently encapsulates our vision: "a world where employees are recognized and rewarded for their hard work and positive impact, not their ability to play office politics." In this era of digital collaboration, we are positioned to be the go-to platform for comprehensive, insightful, and meaningful performance assessments.
This Series A funding marks a pivotal moment in our journey. We are incredibly grateful to our lead investor, Spero Ventures, as well as SHRMLabs, Elefund, Gaingels, Black Angel Group, and our existing customers for their support. With this investment, we are excited to accelerate our technological advancements, expand our reach, and continue driving the transformation of performance reviews.
Thank you for being a part of our story. Together, we're reshaping the future of workplace evaluations, one fair and insightful review at a time.
Josh & Dave Co-Founders, Confirm
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